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Sunday, 20 September 2020

EFG-managed Vortex Energy sells controlling stake in GBP 500 mn UK based solar energy portfolio

INVESTMENT WATCH- EFG-managed Vortex Energy sells controlling stake in GBP 500 mn UK solar energy portfolio: EFG Hermes-managed renewable energy investment company Vortex Energy has sold a controlling stake in its UK solar energy portfolio, Vortex III, to Malaysian utilities company TNB International, in an agreement that handed the portfolio an enterprise value of GBP 500 mn (USD 647 mn), the investment bank said in a statement. The Vortex III portfolio, which contains solar assets producing 365 MW of power, generated returns some 1.5x the size of Vortex Energy’s initial cash investment of GBP 470 mn (USD 607.8 mn) in 2017. The bank now wants to build a new Vortex IV renewables portfolio, potentially investing up to USD 600 mn in projects in Europe, Mexico, Chile and Australia, EFG’s head of asset management and private equity, Karim Moussa, told Bloomberg.

Vortex Energy was founded in 2015 to operate renewable energy assets across Europe and has since invested EUR 1.3 bn in equity and debt in wind and solar assets, according to Moussa. The company’s Vortex I and Vortex II portfolios were last year sold last to JPMorgan as the company divested a 49% stake from wind assets owned in Portugal, Spain, Belgium and France. Vortex III marks the investor’s third renewable exit since launching the platform.

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